Three Macquarie analysts depart
Three analysts from Macquarie Investment Management's fundamental Australian equities team have announced their immediate resignation, including portfolio manager Neil Carter, according to Standard & Poor's.
Analysts Jim Copland and Matthew Griffin are also leaving Macquarie. As a result of the departures S&P have placed three Macquarie funds 'on hold', including the Australian Small Companies Fund and Australian Microcap Fund, which were managed by Carter.
S&P also placed the Macquarie High Conviction Fund on hold due to the significance of all three team members to the broader team, and the impact of their departure on the remaining team members.
Macquarie has a broad-cap team structure, in which Copland and Griffin were responsible for researching both large and small-cap resources companies, S&P stated.
In the interim, the Australian Small Companies Fund and Australian Microcap Fund will be overseen by senior colleagues, including listed equities division head Patrick Hodgens and portfolio manager Mark Harrison, who is responsible for the Macquarie High Conviction Fund.
The team has eight remaining analysts including Hodgens and Harrison and head of research Andy Kovacs, S&P stated.
S&P said it is monitoring developments and will reassess the on hold ratings when there is more clarity over the steps Macquarie will take in response to the departures.
Macquarie Funds Group said it does not comment on staff matters.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
